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Father's Advice on Work Van and Debt

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Master Electrician Dad Tells Son the Truth about buying a nice work van, do you guys agree?

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What happens here

An electrician son asks his father for his opinion on having a really nice work van in the field. The father responds by stating it's extremely important because it's how clients judge you and your professionalism. He highlights that both the appearance of the van and the organization of its interior, including shelving and equipment, are crucial. He then advises the son that taking a loan or lease for a new, dependable work vehicle is 'good debt' because it's an investment in his business and appearance. He contrasts this with 'bad debt', which includes using credit cards for non-essential spending like vacations or dining out, suggesting one should use money earned from working for such expenses.

Goal: Understand the distinction between 'good debt' and 'bad debt' in the context of business investments.

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Hey Dav, what's your opinion on having a really nice workben in the field? >> I think it's really important you have a nice workben in the field. That's what everybody judges you by, right? Your appearance, how you show up because you want to show up with something that looks good. >> Okay. >> But then you also got the shelving inside. That's just as important, right? Customers can see how organized you are. If you open up someone's van and you see it organized and stocked, you're like, "This guy, you just turn around, you know, this guy's got it." >> Yeah. So, I think it's extremely important having a quality, safe, dependable, newer vehicle. And that's if you have to take a loan on that or lease, I you have my blessing on that. >> That's a good debt. That's what you're saying. >> That's a Well, it's a debt, but it's a debt just like tools, right? You need certain specific tools that you need to buy. Organization, good shelving, nicel lookinging tools and equipment. You looking good, a new van is all good debt. Okay. Bad debt is let's go on vacation and you go on a cruise and you use your credit card, right? Yeah. Anytime you use your credit card, going out to eat, that's bad debt. Yeah. >> Take the money that you got working and go out to eat. >> Oh, that makes Yeah, that makes a lot of sense. Thanks for the knowledge, D. >> Yeah, man.

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